Somkid assigns series of measures to stimulate investments and attract businesses

[webfact]

Somkid assigns series of measures to stimulate investments and attract businesses

By The Nation

 

Somkid

 

Deputy Prime Minister Somkid Jatusripitak has assigned the Industry Ministry to cooperate with the Board of Investment (BOI) to hold a roadshow to beat other nations in attracting investors to Thailand, among other new measures designed to attract investors, and particularly high technology firms.

 

Somkid said he has asked the ministry to work with the BOI to closely monitor companies that are considering shifting their production from China to Thailand, with a special focus on high-technology companies. The US-China trade war is reportedly having an effect on production in China, creating an opportunity to attract companies that are considering a shift to Asean countries such as Vietnam, Indonesia, Malaysia and Thailand.

 

“The BOI need to facilitate and apply trade measures to attract investors to Thailand, especially a Bt10 billion fund to maximise our performance in competing for investments. That fund support will be Thailand’s strong point, even though the basic wage in Thailand is much higher than in Vietnam” Somkid said.

 

The Industrial Estate Authority of Thailand (IEAT) must also change its focus to build a particular industrial estate to support Thai SME business, especially within the Eastern Economic Corridor (EEC), he said. The private industrial estate companies, such as WHA and Amata, have a high potential which later could evolve into a smart city construction plan. However, the land price in EEC areas is too high to attract SME businesses, and so private estate companies should bend toward the international market or large industrial companies while IEAT supports Thai SME businesses, he said.

 

The Industry Ministry will also cooperate with the BOI to hold roadshows in an effort to attract investors, while promotional measures need to be adapted to match every category of industrial company and to specify the area of support, such as for bioindustrial companies. The government will set targets by province for attracting companies. If there is support all around, it might attract more investors to Thailand.

 

Following discussions with the US Charge d'Affaires, the Consul said that Thailand has played an outstanding role in encouraging countries in the Ayeyawady – Chao Phraya – Mekong Economic Cooperation Strategy to sign a memorandum of understanding. The Consul would like to invite the Thai government to improve economic cooperation and regional investment to exercise restraint in trade with China, which has adopted the Belt and Road Initiative and with Japan which has extended The Trans-Pacific Partnership (CPTPP) and is dominating the Asean economic market. Moreover, the US supports Thailand role as a medium for CLMV (Cambodia, Laos, PDR, Myanmar, and Vietnam) countries in growing trade and investment.

 

Speaking at a separate event, Finance Minister Uttama Savanayana urged the listed companies in the SET 50 to increase investment to shore up the sagging economy.

 

He added that as they are the key engine driving the country's economy, they should step out of their comfort zones to help the country.

 

Uttama said that the capital market should create new opportunities for investment to pave the way fo greater opportunities for small and medium-sized enterprises (SMEs) to raise funds.

 

Source: https://www.nationthailand.com/business/30374783

 

-- © Copyright The Nation Thailand 2019-08-15

Follow Thaivisa on LINE for breaking Thailand news and visa info

 

[keith101]

Sorry but unless the baht goes down its to expensive for a lot of companies to invest here especially considering how cheap Vietnam is .

[BestB]

Not too sure if it’s a wise move to accomodate Chinese companies moving to Thailand to avoid American tariffs . Once US knows about it , most likely all Thai goods will be up for higher tariffs as well.

[Chazar]

how  about the old u buy condo u get free  visa  they did years  ago............then scrappe d after youd  bought your  condo..........oh yeah I really trust you  guys

[Cadbury]

15 minutes ago, webfact said:

Industry Ministry to cooperate with the Board of Investment (BOI) to hold a roadshow to beat other nations in attracting investors to Thailand

A roadshow indeed! What a joke. A travelling circus more like it. The fools still haven't realised other countries have long stolen the march on them. Japan for example is pouring money into Vietnam like never before to invest in manufacturing and processing. 

Any potential investor/manufacturers have gone elsewhere where labour is cheaper, productivity is higher and the labour force is steady and not reliant on blowin migrants from nearby countries. The uncompromising and punitive employment obligations on employers and employees alike doesn't help. 

They also get to learn of discouraging factors like the PM's heavy handed use of Article 44 to shut down businesses (Kingsgate mine) and the mess they made for investors like Hopewell.

Plus they don't want to be involved with what is essentially is a continuance of an incompetent and untrustworthy junta led government. 

 

 

[mok199]

You couldn't stimulate this worn out corrupt economy with a truck load of Kamagra...

[holy cow cm]

-Baht is too high and not conducive for real investment.

-As stated land prices are way too high in attractive areas.

-Relocating companies to Thailand should be held to foreign companies needing to get out of China not Chinese companies trying to reflag.

-No one likes the control measure and immigration hoops dances now. Do they really think foreigners want to do the TM 30 hop? This covers all sectors of people.

-As seen before and is carbon copy almost same now, the government is the same style of control. Can that actually be trusted as the eel is always slippery? Or the fish will always flip flop when out of water?

-And let's not forget the control gate (being one) going into the internet basically allowing no privacy of any companies interactions and possible secrets and information getting seen.

 

They have to do a lot of changes in order to get to a better position at this point. And at the moment, it does not look ripe.

 

- Oh and add the cost of daily wage that went up and will go up again and the lack of a real work force to keep on supporting the structure they want to expand. Pipe dream

 

 

 

 

 

[RotBenz8888]

44 minutes ago, keith101 said:

Sorry but unless the baht goes down its to expensive for a lot of companies to invest here especially considering how cheap Vietnam i

We keep hearing about their huge cash reserve. Sure, let's see how long it lasts when export and tourism plummet, unemployment skyrocket and the borrowing bubble bursts. Nothing will touch the Baht right? 

[Cadbury]

35 minutes ago, keith101 said:

Sorry but unless the baht goes down its to expensive for a lot of companies to invest here especially considering how cheap Vietnam is .

Indeed! Even Thai investment money is flowing big time into countries like Vietnam, Laos and Cambodia. Makro, and Thai Siam Cement for example.

Thailand ranks ninth among 129 countries and territories investing in Vietnam with 521 projects worth approximately 320 billion Thai baht.

Better opportunities exist outside Thailand than inside it seems. That's a lot of baht being poured into Vietnam. One headline says "Thai ‘investment wave’ in Vietnam getting stronger".

Vietnam better be careful, PM Prayut might give them a punch in the face.

https://en.nhandan.com.vn/politics/item/7339802-thai-enterprises-encouraged-to-invest-in-vietnam.html

[yellowboat]

4 hours ago, keith101 said:

Sorry but unless the baht goes down its to expensive for a lot of companies to invest here especially considering how cheap Vietnam is .

That and work permits are easier as well.  Better educated work force and a border with China.   Thailand just isn't the running.  

 

Love how the government wants big business to help them out. 

[Redline]

5 hours ago, Cadbury said:

A roadshow indeed! What a joke. A travelling circus more like it. The fools still haven't realised other countries have long stolen the march on them. Japan for example is pouring money into Vietnam like never before to invest in manufacturing and processing. 

Any potential investor/manufacturers have gone elsewhere where labour is cheaper, productivity is higher and the labour force is steady and not reliant on blowin migrants from nearby countries. The uncompromising and punitive employment obligations on employers and employees alike doesn't help. 

They also get to learn of discouraging factors like the PM's heavy handed use of Article 44 to shut down businesses (Kingsgate mine) and the mess they made for investors like Hopewell.

Plus they don't want to be involved with what is essentially is a continuance of an incompetent and untrustworthy junta led government. 

 

 

In addition, companies need a motivated and skilled workforce~that is simply not available in Thailand

[Isaan sailor]

Good luck with that!  Overpriced Baht has already made the news in America and in Europe.  And pretty sure the Japanese have taken notice.

[FarFlungFalang]

Thailand have to many TM30 problems we go somewhere else.

[Isaan sailor]

Almost laughable, with such an overpriced Baht.  SET down, Tourism down, Exports down.  How much more evidence do they need?  Drop the Baht.

[DLock]

Relax Somkid, Vietnam has that well covered...and have been working hard for a long time on infrastructure, economic zones, training and skills upgrades, tax benefits, company ownership and everything you just thought about over breakfast.

 

The China/US trade war has come at the perfect time for Vietnam. They built it...and now they come.

 

Focus on making cars for now...but even that is going to come under pressure soon.

 

 

 

 

[Oziex1]

Time for a new hub story. 

[Chazar]

14 hours ago, Redline said:

In addition, companies need a motivated and skilled workforce~that is simply not available in Thailand

Seem  semi comatose to me when I  look around.

[Redline]

7 hours ago, Chazar said:

Seem  semi comatose to me when I  look around.

Like walking out into the road without looking, as I see all the time~zombified~dogs look both ways~I don't get it